The Global Self-Driving Cars Market size is projected to grow at a CAGR of 51.07% during the forecast period from 2021 to 2028. The growth in this segment can be attributed to factors such as technological improvements, increasing demand for driverless vehicles by commercial industries, and rising awareness about autonomous vehicles among people.
Self-driving cars are autonomous vehicles that have the ability to take control, monitor, and guide themselves. These highly advanced machines use different technologies like LIDAR, GPS, etc to navigate through various roads without any human input. Self-driving cars are a new concept of vehicles that can be driven without any human inputs. The technology is designed in such a way it can detect its surroundings and make decisions automatically. Self-driving cars offer several features, including the following: Autonomous Driving: The cars can drive on their own without any human assistance. They are capable of detecting the obstacles and remain safe while driving. Connectivity: These vehicles offer enhanced connectivity features such as entertainment, navigation, and safety notifications to the passengers. Some models even allow accessing emails and text messages for a seamless experience. Enhanced Efficiency: Self-driving car technology helps increase fuel efficiency by up to 90 percent since it detects traffic patterns automatically without compromising the comfort level of the driver or passenger.
On the basis of Type, the global self-driving cars market is segmented into passenger vehicles and commercial vehicles.
Passenger vehicles type of self-driving car is a car that can drive itself. Passenger vehicles type of self-driving cars includes conventional and hybrid (electric) models. Conventional passenger vehicle types are based on conventional fuel systems, such as diesel and petrol, while the hybrid ones use electric engine systems to achieve greater energy efficiency. The passenger segment is further sub-segmented into personal, corporate & government fleets. The benefits of passenger vehicles type of self-driving cars are including enhanced safety in road conditions. Moreover, it improves fuel efficiency and reduces accidents.
Commercial vehicles are the type of self-driving cars that are used to transport goods or people. There are various features of commercial self-driving vehicles type, some of them are listed below: Ability to operate the vehicle on its own without any human assistance. This automates the complete driving process and makes it safer for drivers to commute between different destinations. Natural language understanding (NLU) is used to interact with passengers. This helps vehicles understand the speech of people and respond accordingly. The use of Geographical Information System (GIS), which provides real-time data analysis and navigation based on weather conditions, terrain information, etc., using sensors like LiDAR, radar, and satellite imagery system for accurate positioning while moving in an area without external navigational aids. This makes the journey safer and secure. Commercial vehicles are also known as heavy goods vehicles (HGV), cargo trucks, or 18-wheeler. These come in various types such as tractor units and tankers which can be used for transportation of many kinds of things from raw materials to human beings. With the help of self-driving commercial vehicles, these will have a number of benefits including fuel-efficient, less time-consuming, and safe driving experience. The commercial vehicles are further classified as logistics & cargo transportations.
On the basis of Application, the global self-driving cars market is segmented into home use, commercial transportation, and public safety.
Self-driving cars are used in the household sector by a number of people. For example, one can use them to go shopping without having to drive and park the car at multiple locations. Instead, one could just tell the self-driving car where to go via an app on the phone or computer. One will be able to do this regardless of whether or not it is raining outside as well so there won’t be any need for puddles from rainwater making things difficult either. It also helps people to come back home safely by dropping them off at their doorstep after a long day or night out with friends. They are used for home parking, pick up and drop off of children to school, or other activities.
The self-driving car market for commercial transportation is expected to grow rapidly in the next five years. The technology will create numerous opportunities and its development across different regions is inevitable. In addition, the growing need to improve logistics and reduce operational costs is expected to be a major driver for the market. In commercial transportation, self-driving cars are being used in taxi services across different countries such as Canada or Singapore. In 2016, Uber launched its first fleet of self-driving car taxis in Pittsburg (U.S.). Since then it has been providing this service with high demand from customers who use these vehicles for commuting purposes and other similar needs.
The usage of self-driving cars in the public safety sector reduces the number of human errors as well as accidents. This technology is used by law enforcement agencies to reduce the response time and increase patrol coverage, which will have a notable impact on crime prevention. In addition, this technology can be applied for surveillance purposes such as monitoring traffic patterns at critical intersections for identifying problem areas that cause congestion or accidents through cameras installed inside these vehicles.
On the basis of Region, the global self-driving cars market is segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East & Africa. The North American region is estimated to hold the largest market share of 54% in 2019. The dominance can be attributed to the high demand for these vehicles across the passenger segment due to technological advancements coupled with rising concerns about safety issues on roads, especially after accidents involving self-driving cars such as Tesla Model S accident or Uber vehicle involved collisions. The APAC region has also shown significant growth over the last few years owing to increasing consumer awareness regarding benefits offered by these automobiles along with growing tech-savviness among consumers which are majorly driving this regional market forward. The Middle East and African countries are considering the introduction of self-driving cars for their logistics and transportation services, and several initiatives have been undertaken in this regard. For instance, Dubai has launched a number of autonomous vehicle projects that include driverless pods to shuttle passengers at Al Maktoum International Airport (Dubai World Central) as well as an automated parking system with no manned queuing (Robotic Valet Parking).
There are several growth factors for the global self-driving cars market. Some of them include an increase in demand for smart mobility, growing need to reduce traffic congestion and accidents, increasing adoption of electric vehicles (EVs) across the globe, technological advancements such as artificial intelligence (AI), machine learning (ML), deep learning (DL), etc., growing focus on reducing carbon emissions by favorable government regulations coupled with rising disposable income levels among consumers.
Up Market Research published a new report titled “Self driving Cars Sales Market research report which is segmented by Types (Passenger Vehicle, Commercial Vehicle), By Applications (Home Use, Commercial USD), By Players/Companies Toyota, BMW, Volvo, Mercedes-Benz, Audi”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Self driving Cars Sales Market Research Report |
By Type | Passenger Vehicle, Commercial Vehicle |
By Application | Home Use, Commercial USD |
By Companies | Toyota, BMW, Volvo, Mercedes-Benz, Audi |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 245 |
Number of Tables & Figures | 172 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Type Passenger Vehicle, Commercial Vehicle and By Application Home Use, Commercial USD.
Some of the companies that are profiled in this report are:
Self driving Cars Sales Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Self driving Cars Sales Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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